Tendering holders of notes accepted in the GMAC offers received a combination of approximately $11.9 billion aggregate principal amount of new debt securities of GMAC, approximately $2.6 billion aggregate liquidation preference of preferred stock and $2 billion of cash. Tendering holders of notes accepted in the ResCap offers received a combination of approximately $1.2 billion of new debt securities of GMAC and $500 million of cash.

The transaction is the largest private debt exchange offer to date, and included 19 series of outstanding bonds of GMAC and certain of its subsidiaries and 14 series of outstanding bonds of its wholly owned subsidiary, Residential Capital, LLC. The offers were part of a larger strategy for GMAC to become a bank holding company and to avail itself to funds under the Troubled Asset Relief Program.